US Bancorp

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Sep 12, 2008 10:36 am

Anyone familiar with their FC position? 

Sep 12, 2008 12:49 pm

Here’s my understanding:  They acquired Piper Jaffray back in 1998? (or 1997) - and integrated everything on that platform.  After years of unsettled attitudes between bankers and brokers (bank people don’t like young, inexperienced, hot shot brokers - making 5 times their salary and having bigger offices) - Piper was sold off to UBS for assimilation.  Not sure if USB has anything worth of substance in their FA population.

Sep 12, 2008 2:42 pm

The couple of US Bank brokers in our area sell ONLY annuities.  My biggest client got really pissed off at her former US Bank guy because he spent 4 hours at their house one day trying to get them to 1035 two fixed annuities into a new contract.  Kicker was that the two existing annuities were yielding better than the new one.  She said if he was too dumb to notice that she’d be losing income, maybe he’d be too dumb to miss her money going somewhere else. 

  Now, maybe there are some good ones in other areas, but the ones here suck.